zdl_cryptofandomcom-20200214-history
Bancor Token (BNT)
Basics * Not mineable * A decentralized liquidity network that allows you to hold any Ethereum token and convert it to any other token in the network, with no counter party, at an automatically calculated price, using a simple web wallet * “The Bancor protocol enables built-in price discovery and a liquidity mechanism for tokens on smart contract blockchains. These “smart tokens” hold one or more other tokens in reserve and enable any party to instantly purchase or liquidate the smart token in exchange for any of its reserve tokens, directly through the smart token’s contract, at a continuously calculated price, according to a formula which balances buy and sell volumes.“ * “Logged over ''(17-7-2017) 1,000,000 transactions in custom currencies that we created on our own, off chain platform at our previous company, Appcoin. There was no Ethereum back then, not even Mastercoin (now Omni), so we built our own system (and hosted the Mastercoin management and hackathons in our office)”'' * "The Bancor Protocol stands today ''(9-9-2019) ''as the largest automated liquidity infrastructure in the world — recently surpassing $2 billion in total conversion volume." * Bancor has announced the expansion of its network on the EOS blockchain. With it, Bancor will become the first cross-blockchain “decentralized liquidity network”. The Bancor project has promised to launch its decentralized cross-blockchain liquidity network (Bancor-X). Bancor-X will now support EOS and Ethereum making it the first cross-blockchain project. The team has gone ahead to list the first EOS-based tokens on Bancor-X. They include Everipedia (IQ), MEET.ONE (MEET), HireVibe (HVT), Lumeos (LUME), DEOS (DEOS) among others. From the roadmap update (9-9-2019): * "We are announcing the Bancor Foundation Grants Program aimed at funding a broader array of developers and startups building on the Bancor Protocol. Initial grants are awarded by the Bancor Foundation, while future grants will be voted on by BNT holders. ''(Update: live as of 10-2019) * ''The first two grant recipients are PEG Network, which is developing a stable version of BNT (USDB) ''(Update: live as of 10-2019) to be used in Bancor liquidity pools, and CoTrader, which is developing a permissionless liquidity portal.'' * The core developer of Bancor Protocol, LocalCoin, is piloting a self-service token creation platform for digital content creators called Creator." Token * The BANCOR network token is the Genesis smart token to be deployed, establishing the BANCOR network, functioning as its native currency. The BANCOR token will hold a reserve in ETH. Update (9-9-2019): "To accelerate and incentivize network liquidity, Bancor will airdrop BNT’s entire Ethereum reserve, which will amount to 10% of BNT’s market cap at the time of the airdrop, on all BNT holders." * “BANCOR tokens will be issued in a crowdsale. The crowdsale proceeds will be used to deploy and continuously evolve a user-friendly web/chatbot interface for issuing and using tokens in the BANCOR network, to support various efforts for growing the network such as investing in the reserves of new tokens, and to make the initial deposits required to set up a new type of high liquidity decentralized token exchange network based on the Bancor protocol, using 100% CRR token changers.” * All smart tokens issued within the Bancor network will hold the BANCOR token as a reserve (though they may also hold additional reserve tokens.) This means that an appreciation in the value of any of the network’s smart tokens will appreciate the value of the BANCOR network token, benefiting all other smart tokens in the BANCOR network, since their reserve balance value will increase. * BANCOR will also be used as a reserve for the token changers that make up its decentralized exchange network. A BANCOR token changer is basically a smart token that holds a 50% CRR reserve in BANCOR, and 50% CRR reserve in an existing, standard ERC 20 token (e.g. REP, GNT, RLC) allowing end-users to easily convert between the two by buying the smart token with one reserve token and selling it for the other. In the future, Bancor plans to support additional tokens as well. From the roadmap update (9-9-2019): * "To accelerate and incentivize network liquidity, Bancor will airdrop BNT’s entire Ethereum reserve, which will amount to 10% of BNT’s market cap at the time of the airdrop, on all BNT holders on Ethereum and EOS. * BNT will be upgraded to an inflationary token with a default setting of 0%. BNT holders will vote on the rate of inflation and its recipients — deploying funds to strategic Bancor liquidity pools, oracles and developers, as determined by the community." Stablecoin * USDB, a stable token backed by BNT Concerns * Emin Gün Sirer wrote a piece explaining why Bancor is flawed * Bancor’s response can be found here Team, etc. * LocalCoin; "The core developer of the Bancor Protocol, has previously developed key features including cross-chain support, a non-custodial crypto wallet and permissionless liquidity pools." * Benartzi, Galia; co-founder * Lietaer, Bernard; Chief monetary architect “Dr. Lietaer has been active in the realm of monetary systems for nearly 4 decades. He is the author of widely acclaimed books including The Future of Money, Money and Sustainability, and New Money for a New World. Dr. Lietaer is known as the “Architect of the Euro” for designing the ECU, the mechanism which enabled the currencies of twelve countries to converge, while he was at the central bank of Belgium. Businessweek named him “the world’s top currency trader” in 1992.” * Schmitz-Krummacher, Guido; Foundation Council, “SME executive with over 25 years experience in Board and CEO roles throughout Europe. Guido joined the crypto-industry a few years ago and focuses on representing the emerging ecosystem landscape in Zug, Switzerland." Has a large Advisory Board, a couple of the advisors are: * Draper, Tim; Advisory board, Venture Capital Advisor. “Timothy Draper is an American venture capital investor, and in 1985 founded the firm that would become Draper Fisher Jurvetson (DFJ). Draper is also the founder of Draper Associates and Draper University. In July 2014, Draper received wide coverage for his purchase at a US Marshals Service auction of seized Bitcoins from the Silk Road marketplace website.” * Clippinger, John Henry; Governance Advisor, “John Henry Clippinger is a research scientist at the MIT Media Lab Human Dynamics Group where he is conducting research on trust frameworks for protecting and sharing personal information. He is the author of “From Bitcoin to Burning Man and Beyond: The Quest for Identity and Autonomy in a Digital Society,” and “A Crowd of One: The Future of Individual Identity.” * Linden, Lee; Mobile App Advisor “Lee Linden is an entrepreneur and early stage investor. Previously, he lead Facebook’s emerging initiatives in commerce, including Gifts and the Facebook Card. Lee founded Karma, a breakthrough mobile commerce platform which let smartphone users instantly send real gifts to others without the burden of physical mailing addresses. Karma was acquired by Facebook in early 2012.“ * Rosenstein, Justin, Collaboration Software Advisor “Justin Rosenstein is the co-founder of Asana along with Facebook co-founder Dustin Moskovitz. Asana’s software enables teamwork without email, and provides key communication infrastructure to companies like Airbnb, Foursquare, Pinterest, Twitter, and Uber. Asana’s mission is to help humanity thrive by enabling all teams to work together effortlessly.” Partners * Partnership with NEO * Jake Vartanian, founder of Cryptodex, a blockchain consulting and marketing firm; recently worked on ICO launches for SingularDTV, TokenCard, and the Bancor Protocol Category:Coins/Tokens Category:Exchange